§ 5 §1728-A — Powers and duties of the State Controller

1.
Duties.
The State Controller shall provide insurance advice and services for all forms of insurance for State Government and any department or agency of State Government except for those departments or agencies and those types of insurance otherwise provided for by law through the self-insurance fund and to other entities designated as entitled to advice and services through the state-administered fund pursuant to section 1737. The State Controller is responsible for the acquisition and administration of all insurance purchased by the State, including the authority to purchase insurance for the State for automobile, fire, liability and any other type of coverage necessary to protect the State from financial loss. The State Controller may enter into contracts for various types of claims management services in order to ensure the most economically advantageous insurance protection in the operation of the State's insurance coverage program. In these regards, the State Controller has the following duties:
2.
Appraisal.
In case an agreement as to the amount of loss sustained to any building or property insured under this chapter can not be arrived at between the insured entity and the State Controller, the loss must be referred to appraisal as provided by Title 24‑A, section 3002.
3.
Rejection of risk.
In the event that the State Controller determines that a risk may be prejudicial to the State's insurance program or to the state-administered fund established by section 1737 because of an actual or expected adverse loss ratio, the State Controller may refuse to include that risk in the program until the time that the hazards of the risk have been removed or ameliorated to a satisfactory degree.
4.
Forms and rules.
The State Controller may prescribe forms of policies, proofs of loss and other forms and may adopt rules as are necessary or expedient for the proper administration of this chapter.
5.
Actuarial review.
Once every 3 years, and more frequently if determined prudent by the Commissioner of Administrative and Financial Services, the State Controller shall arrange for a review of the reserves of the state-administered fund by a qualified actuary who is a member in good standing of the Casualty Actuarial Society. The actuary shall issue an opinion on the adequacy of reserves of the state-administered fund to cover the estimated ultimate liability of the state-administered fund. Costs for this service must be paid from the Risk Management Fund.

Legislative History

PL 1983, c. 349, §9 (NEW). PL 1987, c. 778, §1 (AMD). PL 1989, c. 94 (AMD). PL 1991, c. 376, §21 (AMD). PL 1993, c. 470, §1 (AMD). PL 2017, c. 284, Pt. O, §3 (AMD).